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Business principles

You have decided to start a new local coffee shop. You will begin a partnership with one other business associate that you trust and have known for several years. You plan to hire three managers and another twenty employees.
Part 1

Discuss a plan of action that you and your partner would personally implement to avoid the following four main failure mechanisms of small businesses:

* managerial incompetence or inexperience
* neglect
* weak control systems
* insufficient capital

Identify what steps you and your partner will take to address each of the four failure mechanisms. You may be creative in your responses, and you may use actual personal insight from previous business experiences if you wish; however, you must include at least two external credible sources on business management technique and business success. Make sure you cite your references at the end of your work in APA format.

Part 2

1. List the activities you would need to do for each of the functions of management:
* Planning
* Organizing
* Directing
* Controlling
2. Discuss the levels of management you would need to successfully operate as a business.
3. Develop an organization chart.Must be my own develop chart not one form the internet and have my name steven on it
4. Explain your management style. What type of manager would you be and why?

Solution Preview

You have decided to start a new local coffee shop. You will begin a partnership with one other business associate that you trust and have known for several years. You plan to hire three managers and another twenty employees.
Part 1

Discuss a plan of action that you and your partner would personally implement to avoid the following four main failure mechanisms of small businesses:

* managerial incompetence or inexperience
The steps I and my partner will take to avoid the managerial incompetence or inexperience will be to select persons for managerial positions that have adequate experience in the business that I am running. Check the experience of the person through background information. Extensively interview the candidates to assess the level of managerial skills and experience. These steps will be taken to ensure that the persons recruited have adequate experience.
After recruitment, managerial incompetence will be avoided by holding the personnel accountable for their responsibilities, ensure that their skills are relevant to the business requirements, and link the competency of the three mangers to their yearly increments and promotions (Drucker. P, 2007), .
* neglect
The steps taken to avoid neglect will be continue on ongoing basis to regularly study the business, examine its organization and make changes when required, plan regularly incorporating the latest information available, finally, controlling all the aspects of the business very closely. Continuous study of the changes in the market forces through market research will avoid neglect of customers. The business will not fall into neglect if the business continuously focuses on its vision and strives to make it a reality(Pakroo>H, & ...

Solution Summary

Business principles are discussed in great detail in this solution.

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